MQG breakout to the upside

by Michael Gable

There is some very exciting price action continuing to develop on MQG which suggests that we should continue to see significant upside. For the last few months, and especially in the last several weeks, we can see the share price of MQG converging to a point around $45. This symmetrical triangle is like a compressed spring and once it breaks out, we can get a very impulsive move. I have been telling anyone that would listen, clients, colleagues, etc that once we get a breakout, we need to follow it. Since MQG has been trending up, the likely breakout would be to the upside, and we have now seen that finally occur. With good volume in the last week, MQG is likely to continue trading higher here over the next few months at the very least. With the market doing well, and economies globally improving, a high beta stock like MQG should be expected to outperform. And with this breakout finally occuring, investors can use any weakness as a buying opportuning. Based on the charts, MQG has every chance of rallying up to the high $50's.  


Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?